1

2003 00

1

3 4 5 7 8 9 10 15 17 18 61 2

LINGYUN INDUSTRIAL CORPORATION LIMITED 0312-3951002 0312-3951234 lyac@heinfo.net 072761 http://www.lingyun.com.cn lyac@heinfo.net http://www.sse.com.cn 600480 2000 11 10 000708 130681601494296 100 2000 2008 3

93,554,207.91 28,570,360.42 28,414,099.14 202,577,448.63 2,333,754.35 96,321,601.25-2,922,504.00 649,000.00-493,889.34 25,093,853.38 203,031,344.89 4-373,474.34 454,300.00 75,435.62 2003 2002 2001 586,475,763.29 499,148,996.51 387,116,660.98 28,570,360.42 42,030,009.85 29,856,394.80 1,155,719,683.24 704,497,119.25 595,043,196.21 438,817,160.87 219,303,460.91 180,652,163.76 ( / ) 0.12 0.24 0.17 1.83 1.28 1.05 1.79 1.19 1.01 0.10 0.58 0.20 (%) 6.51 19.17 16.53 % 46.16 65.64 0.84 1.04 21.95 31.21 0.40 0.49 6.51 9.26 0.12 0.15 6.48 9.21 0.12 0.15

172,000,000.00-8,563,070.15 4,336,260.30 855,504.00 185,754,834.45 68,000,000.00 157,152,560.00 3,149,710.58 1,574,855.29 28,570,360.42 258,447,486.29 - - - - 5,385,159.87 5,385,159.87 240,000,000.00 157,152,560.00 11,712,780.73 5,911,115.59 24,040,704.55 438,817,160.87 1 2003 7 6,800 A 6,800 2 225,152,560.00 68,000,000.00 3 4 27 1 + - 1 106,640,000 106,640,000 65,360,000 65,360,000 2 3 4 68,000,000 1 68,000,000 68,000,000 68,000,000 2 3 4 68,000,000 68,000,000 68,000,000 172,000,000 68,000,000 68,000,000 240,000,000 5

2 2003 7 31 3.48 6,800 8 15 6,800 3 1 24913 2 10 + - % 0 104748000 43.645 0 65360000 27.233 0 860000 0.368 +582749 582749 0.242 +520064 520064 0.217 0 516000 0.215 0 516000 0.215 +312193 312193 0.130 +311600 311600 0.129 +224600 224600 0.094 3 1999 3 16,975 4 10% 10% 27.23% 1994 11 100 5 10 582749 A 520064 A 312193 A 311600 A 6

224600 A 199000 A 192400 A 180400 A 177100 A 168988 A 50 2000 11 0 0 31 2003 2 0 0 58 2000 11 0 0 63 2000 11 0 0 32 2003 2 0 0 59 2000 11 0 0 78 2002 4 0 0 68 2002 4 0 0 41 2002 4 0 0 50 2003 3 0 0 32 2003 3 0 0 55 2000 11 0 0 39 2001 9 0 0 46 2000 11 0 0 42 2002 12 0 0 41 2002 12 0 0 43 2002 3 0 0 51 2000 11 0 0 38 2000 11 0 0 2000 2 2002 5 2003 4 1999 12 2003 4 2001 8 7

2002 5 131 31 65 2 / 15-25 4 5-15 2 1-5 13 2003 3 2003 12 31 885 490 15 125 15 33 207 132 139 244 370 9 3 5 2 8

2003 2002 2003 2003 1 2002 2003 3 26 2002 3 17062.4 99.2 (1) (2) (3) (4) 2002 (5) 2002 (6) 2002 (7) 2003 (8) 2 2003 2003 2 13 2003 2 17010.8 98.9 3 2003 2003 5 21 2003 3 17062.4 99.2 1 2003 2 13 2003 2 2003 3 9

2003 3 26 2002 3 2003 3 26 2003 8 6,800 A 22,515 PE 2003 58,648 17.50% 2003 2,857 32% 1 % % 330,673,209.57 56.38 124,893,441.98 61.65 PE 250,332,437.42 42.68 76,269,976.72 37.65 145,731,871.61 24.85 43,117,831.85 21.28 184,941,337.96 31.53 81,775,610.13 40.37 PE 250,332,437.42 42.68 76,269,976.72 37.65 168,014,403.04 28.65 59,231,329.23 29.24 109,639,794.82 18.69 35,094,706.63 17.32 63,115,761.08 10.76 38,287,128.57 18.90 205,902,532.72 35.11 55,908,449.80 27.60 34,333,155.33 5.85 12,561,926.10 6.20 10% % 145,731,871.61 102,614,039.76 29.59 184,941,337.96 103,165,727.83 44.22 PE 250,332,437.42 174,062,460.70 30.47 2 10

(1) 427 PE 50% 2003 12 31 38,033 5,582 (2) 250 PE 30% 40% 2003 12 31 13,611 2,243 (3) 600 25% 35% 2003 12 31 5,546 717 (4) 2,500 50% 2003 12 31 7,794-257 (5) 2003 2 1,660 50% (6) 600 66% 2003 12 31 919 52 (7) 800 62.5% 2003 12 31 1,142 33 (8) 2003 3 1,000 90% (9) 2003 4 400 70% 2003 12 31 6,843-199 11

(10) 2003 10 300 50% 2003 12 31 3 5 19,049 77.62% 5 12,026 20.51% 4 2003 2003 5 32% 2003 6,117 5,617 11.23 1 2003 7 31 6,800 A 22,515 2,444 330 14% 2,713 2,445 5,927 5,939 9,157 2662 53% 3,138 286 22% 3,314 35,077-3,278-12

500 1,790 506 651 2003 2 2003 3 2004 3 2003 12 1.8 2.25 2 (1) 2003 4 280 70% 2003 12-199 (2) 2003 9 100 40% (3) 2003 10 150 50% 2003 12 31 2002 12 31 % 1,155,719,683.24 704,497,119.25 64.05 438,817,160.87 219,303,460.91 100.10 202,577,448.63 193,750,894.71 4.56 28,570,360.42 42,030,009.85-32.02 203,031,344.89 39,670,892.53 411.79 1 2003 8 6,800 A 2 4.56% 13

3 4 2003 8 6,800 A 1 2003 4 (1) 2003 2 13 2002 2003 2002 2003 2002 2002 2003 2 28 2002 (2) 2003 4 18 2003 (3) 2003 8 26 2003 (4) 2003 10 22 2003 2003 3,149.71 10% 314.97 5% 157.49 1 14

2003 [2003] 1008 [2003]56 170,000.00 5,137,825.69 2003 12 31 2 50% 5534 50% 1 1 2003 2 18 2002 15

2 2003 3 26 3 2003 7 18 2~3 2 3 4 1 2 2003 6 2004 1 2003 5 31 2003 12 31 22515 2003 12 16

1 17 (%) 736,432.00 100% 8,436,351.15 100% 2 3 0.00 170,000.00 - - 5,137,825.69 5,137,825.69 - - 5,137,825.69 5,307,825.69 - - 4 1

2 5,534 3 4 5% 2003 68 3 [2004] 1008 2003 12 31 2003 2003 12 31 2003 18

2003.12.31 2002.12.31 1 303,937,059.93 210,880,044.32 100,905,715.04 18,609,805.46 10,000,000.00 2 48,872,486.01 13,343,331.63 25,764,215.78 5,605,238.00 20,565,724.40 40,562,494.92 3 234,843,198.35 38,756,615.01 192,949,796.90 33,247,651.78 4 10,249,778.66 52,302,983.00 5,464,708.38 3,296,371.79 5 33,517,138.53 7,353,890.71 18,713,162.33 5,645,671.69 6 159,489,618.08 40,150,924.46 115,674,198.95 29,148,010.21 7 49,806.67 1,084.46 790,959,086.23 393,353,513.53 459,472,881.84 136,115,243.85 8 27,760,420.77 205,312,734.62 22,405,874.75 113,068,677.46 27,760,420.77 205,312,734.62 22,405,874.75 113,068,677.46 9 349,419,523.51 123,975,673.69 255,523,014.14 112,146,156.13 : 9 107,786,280.68 49,020,420.08 87,822,484.66 42,557,986.63 9 241,633,242.83 74,955,253.61 167,700,529.48 69,588,169.50 : 9 9 241,633,242.83 74,955,253.61 167,700,529.48 69,588,169.50 10 31,384,127.79 949,095.23 28,269,415.80 1,381,500.13 273,017,370.62 75,904,348.84 195,969,945.28 70,969,669.63 11 21,675,657.45 14,140,870.61 15,527,112.11 14,483,674.61 12 42,307,148.17 4,159,458.42 11,121,305.27 8,776,046.87 63,982,805.62 18,300,329.03 26,648,417.38 23,259,721.48 1,155,719,683.24 692,870,926.02 704,497,119.25 343,413,312.42 19

2003.12.31 2002.12.31 13 295,700,000.00 189,560,000.00 151,200,000.00 64,560,000.00 14 725,000.00 1,508,750.00 1,508,750.00 15 80,815,612.11 13,815,837.23 57,927,527.78 8,704,075.25 16 18,402,978.67 4,952,844.49 8,576,540.40 1,828,647.93 1,247,814.00 2,683,392.00 4,175,984.72 10,964.65 4,367,790.32 10,964.65 17 62,810,080.91 7,223,089.39 92,417,895.33 14,280,903.78 18 49,032,616.17 2,704,401.29 30,111,884.81 1,412,503.59 1,705.77 1,684.59 19 14,633,146.95 3,088,373.92 13,225,188.19 2,819,622.86 20 1,896,293.78 733,930.15 1,945,503.19 607,398.82 21 28,000,000.00 28,000,000.00 557,441,233.08 250,089,441.12 363,966,156.61 95,732,866.88 28,000,000.00 28,000,000.00 22 2,586,435.64 3,621,272.40 23 100,000.00 100,000.00 2,686,435.64 31,721,272.40 28,000,000.00 560,127,668.72 250,089,441.12 395,687,429.01 123,732,866.88 156,774,853.65 89,506,229.33 : 24 240,000,000.00 240,000,000.00 172,000,000.00 172,000,000.00 240,000,000.00 240,000,000.00 172,000,000.00 172,000,000.00 25 157,152,560.00 157,152,560.00 26 17,623,896.32 17,623,896.32 12,899,330.45 12,899,330.45 : 5,911,115.59 5,911,115.59 4,336,260.30 4,336,260.30 27 24,040,704.55 28,005,028.58 34,404,130.46 34,781,115.09 : 33,548,626.46 33,548,626.46 438,817,160.87 442,781,484.90 219,303,460.91 219,680,445.54 1,155,719,683.24 692,870,926.02 704,497,119.25 343,413,312.42 20

2002.12.31 2003.12.31 14,871,149.10 4,400,862.45 19,272,011.55 14,495,323.48 4,132,566.21 18,627,889.69 375,825.62 268,296.24 644,121.86 1,679,248.77 868,685.78 181,727.93 2,366,206.62 247,326.84 698,386.02 945,712.86 199,013.16 170,299.76 369,312.92 1,190,535.30 171,617.10 1,018,918.20 42,373.47 10,110.83 32,262.64 141,451.44 141,451.44 16,691,849.31 5,269,548.23 181,727.93 21,779,669.61 21

2003 2002 28 586,475,763.29 134,916,645.27 499,148,996.51 90,263,646.13 29 383,805,210.66 93,753,240.41 305,342,768.89 59,349,301.61 93,104.00 55,332.91 202,577,448.63 41,163,404.86 193,750,894.71 30,914,344.52 ( ) 30 2,333,754.35 1,907,997.93 895,298.13 430,074.21 47,069,194.71 9,875,938.35 35,767,928.13 6,825,062.49 47,234,855.38 24,125,012.34 34,847,936.81 12,689,443.48 31 14,285,551.64 8,234,693.56 11,164,865.06 4,865,427.86 ( ) 96,321,601.25 835,758.54 112,865,462.84 6,964,484.90 ( ) 32-2,922,504.00 31,325,032.14-2,922,504.00 32,862,881.34 33 649,000.00 80,000.00 34 117,433.04 459,782.03 270,689.72 12,010.64 35 611,322.38 238,451.18 803,333.29 42,965.01 ( ) 93,554,207.91 32,382,121.53 109,490,315.27 39,796,411.87 29,363,113.17 885,015.71 30,272,168.30 1,194,561.42 35,620,734.32 37,188,137.12 ( ) 28,570,360.42 31,497,105.82 42,030,009.85 38,601,850.45 ( ) 34,404,130.46 34,781,115.09 24,922,362.42 25,348,793.75 62,974,490.88 66,278,220.91 66,952,372.27 63,950,644.20 3,149,710.58 3,149,710.58 3,860,185.04 3,860,185.04 1,574,855.29 1,574,855.29 1,930,092.52 1,930,092.52 555,594.00 3,273,712.70 57,694,331.01 61,553,655.04 57,888,382.01 58,160,366.64 33,653,626.46 33,548,626.46 23,484,251.55 23,379,251.55 24,040,704.55 28,005,028.58 34,404,130.46 34,781,115.09 22

2003 601,977,800.19 141,431,241.57 100,000.00 36 7,453,101.54 9,550,381.60 609,530,901.73 150,981,623.17 422,261,993.14 105,153,012.00 50,843,179.52 22,090,488.82 53,731,732.50 9,330,350.50 37 57,600,143.19 58,508,888.09 584,437,048.35 195,082,739.41 25,093,853.38-44,101,116.24 10,000,000.00 20,750,000.00 1,065,662.59 870,285.15 1,065,662.59 31,620,285.15 129,644,808.91 13,963,663.69 8,277,050.02 81,168,300.02-137,921,858.93 95,131,963.71-136,856,196.34-63,511,678.56 253,047,410.00 228,012,560.00 25,034,850.00-579,200,000.00 424,120,000.00-832,247,410.00 652,132,560.00 434,700,000.00 299,120,000.00 77,599,505.64 49,009,941.34 22,655,000.00 39 5,154,215.51 4,119,585.00 517,453,722.15 352,249,526.34 314,793,687.85 299,883,033.66-203,031,344.89 192,270,238.86 23

2003 1 28,570,360.42 31,497,105.82 35,620,734.32 5,008,451.64 725,649.93 23,231,498.82 9,175,574.47 486,911.33 342,804.00 4,430,585.52 1,756,588.45-44,919.54-49,209.41 126,531.33 172,568.29-216,397.00 44,321.58 14,535,827.82 8,611,841.39 2,922,504.00-31,325,032.14 - -43,815,419.13-11,002,914.25-72,419,679.85-63,497,145.29 24,218,484.82 8,287,858.53 2,180,832.75 1,416,418.52 25,093,853.38-44,101,116.24 2 3 303,937,059.93 210,880,044.32 100,905,715.04 18,609,805.46 203,031,344.89 192,270,238.86 24

2003 1995 4 1995 018 62% 38% 12,540 1998 [1998]365 1999 030 3,458.70 15,998.70 1999 2000 (2000) 157 62% 0.5% 0.3% 0.3% 2000 (2000) 808 (2000)704 17,200 2000 11 000708 2003 6 2003 73 6,800 2003 8 24,000 2003 11 25

1 2 1 1 12 31 3 4 5 6 3 7 1 2 3 26

8 1 2 1 1 5% 1 2 2 10% 2 3 3 15% 3 50% 3 9 1 2 3 4, 27

10 1 20% ( 20%) 20% 20% 20% 10 2 3 28

11 1 2 12 1 2,000 2 3 4 % 20 4.50% 10% 10 9.00% 10% 5-6 15.00%-18.00% 10% 5-6 15.00%-18.00% 10% 5 29

, 13 1 2, 3 14 1 : A B C 30

2 15 1 2 3 16 17 18 1 31

2 3 19 20 21 1 A B 2003 12 31 2002 12 31 0.00 0.00-33,548,626.46-33,548,626.46 0.00 0.00 33,548,626.46 33,548,626.46 2003 2002 33,548,626.46 33,548,626.46 23,379,251.55 23,379,251.55 33,548,626.46 33,548,626.46-10,169,374.91-10,169,374.91 32

1 17% 2 1 33% 2 91 165 15% 3 24% 91 165 2003 13.5% 4 33% 5 33% 6 33% 2002 2003 7 15% 8 15% 9 33% 33

10 33% 11 33% 3 1 20 66,891,260.61 427 50.00% 20 3,960,000.00 600 66.00% 20 5,000,000.00 800 62.50% 40 10,413,856.94 250 50.00% 14 3,871,148.30 600 42.50% 50 12,500,000.00 2500 50.00%, 30% ** 50 8,300,000.00 1660 50.00% ** 10 9,000,000.00 1000 90.00% ** 50 23,175,600.00 400 70.00% ** 20 12,415,650.00 300 50.00% 34

** 1 2003 2 2 2003 3 3 2003 4 4 2003 10 5 50% 30% 25% 40% 35% 2 50 8,277,050.02 250 40.00% 1 2003.12.31 2002.12.31 148,749.33 275,284.11 303,788,310.60 100,630,430.93 303,937,059.93 100,905,715.04 1 201.21% 2003 7 31 68,000,000.00 225,152,560.00 2 160,811.82 1,330,866.79 493,836.80 4,843,197.95 3 3,000 1.89% 0.72% 35

2 2003.12.31 2002.12.31 1,935,008.08 1,239,638.00 46,937,477.93 24,524,577.78 48,872,486.01 25,764,215.78 3 1 2003.12.31 2002.12.31 1 197,762,787.22 78.02% 9,913,093.81 187,849,693.41 168,597,350.28 81.27% 8,429,867.27 160,167,483.01 1-2 37,405,975.99 14.76% 3,740,597.60 33,665,378.39 27,448,373.47 13.23% 2,744,837.35 24,703,536.12 2-3 11,934,183.26 4.71% 1,790,127.48 10,144,055.78 6,797,369.89 3.28% 1,019,605.48 5,777,764.41 3 6,368,141.57 2.51% 3,184,070.80 3,184,070.77 4,602,026.74 2.22% 2,301,013.38 2,301,013.36 253,471,088.04 100.00% 18,627,889.69 234,843,198.35 207,445,120.38 100.00% 14,495,323.48 192,949,796.90 2 42,690,860.45 16.84% 3 2003 12 31 5% 5% 4 1 2003.12.31 2002.12.31 1 10,362,111.36 95.12% 519,122.94 9,842,988.42 5,548,809.67 95.01% 277,453.19 5,271,356.48 1-2 306,389.16 2.81% 30,638.92 275,750.24 118,724.33 2.03% 11,872.43 106,851.90 2-3 52,400.00 0.48% 7,860.00 44,540.00 0.00 0.00% 0.00 0.00 3 173,000.00 1.59% 86,500.00 86,500.00 173,000.00 2.96% 86,500.00 86,500.00 10,893,900.52 100.00% 644,121.86 10,249,778.66 5,840,534.00 100.00% 375,825.62 5,464,708.38 1 86.52% 40% 36

2 5,137,825.69 1 47.16% 1,285,720.00 1 11.80% 6,423,545.69 58.96% 3 2003 12 31 5% 5% 170,000.00 3 1.56% 170,000.00 1.56% 4 170,000.00 1998 170,000.00 5 1 2003.12.31 % 2002.12.31 % 1 32,373,444.63 96.58% 18,523,540.97 98.99% 1-2 1,090,992.04 3.26% 169,376.31 0.91% 2-3 52,701.86 0.16% 19,990.99 0.10% 3 0.00 0.00% 254.06 0.00% 33,517,138.53 100.00% 18,713,162.33 100.00% 2 79.11% 3 2003 12 31 5% 5% 6 1 2003.12.31 2002.12.31 37

51,019,819.83 369,312.92 50,650,506.91 38,149,326.94 199,013.16 37,950,313.78 21,694,598.93 1,018,918.20 20,675,680.73 10,123,645.86 1,190,535.30 8,933,110.56 74,151,978.30 945,712.86 73,206,265.44 55,264,242.08 247,326.84 55,016,915.24 10,502,402.64 0.00 10,502,402.64 8,660,186.90 0.00 8,660,186.90 1,564,102.40 32,262.64 1,531,839.76 2,424,895.39 35,722.33 2,389,173.06 60,231.22 0.00 60,231.22 85,871.81 6,651.14 79,220.67 2,862,691.38 0.00 2,862,691.38 2,645,278.74 0.00 2,645,278.74 161,855,824.70 2,366,206.62 159,489,618.08 117,353,447.72 1,679,248.77 115,674,198.95 2 37.92% 7 2002.12.31 2003.12.31 1,084.46 33,035.29 0.00 34,119.75 0.00 0.00 124,724.81 78,720.81 0.00 46,004.00 0.00 364,379.51 364,379.51 0.00 0.00 0.00 3,802.67 0.00 0.00 3,802.67 1,084.46 525,942.28 443,100.32 34,119.75 49,806.67 8 1 2002.12.31 2003.12.31 22,405,874.75 8,277,050.02 2,922,504.00 27,760,420.77 0.00 8,277,050.02 0.00 8,277,050.02 22,405,874.75 0.00 2,922,504.00 19,483,370.75 0.00 0.00 0.00 0.00 22,405,874.75 8,277,050.02 2,922,504.00 27,760,420.77 2 2003.12.31 8,277,050.02 8,277,050.02 0.00 0.00 0.00 8,277,050.02 8,277,050.02 8,277,050.02 0.00 0.00 0.00 8,277,050.02 1 2003 9 2 38

3 2003 12 31 4 2002.12.31 2003.12.31 31,731,196.63 10 24,327,245.88 3,173,124.00 21,154,121.88-2,592,269.85 10-1,987,410.36-259,224.00-1,728,186.36 86,125.17 10 66,039.23 8,604.00 57,435.23 29,225,051.95 22,405,874.75 2,922,504.00 19,483,370.75 1 2000 2 2000 9 2010 8 9 1 2002.12.31 2003.12.31 62,541,658.55 43,647,158.51 90,000.00 106,098,817.06 175,411,146.09 43,001,528.59 4,010,341.93 214,402,332.75 8,268,065.70 5,596,123.10 546,435.80 13,317,753.00 9,302,143.80 6,503,926.20 205,449.30 15,600,620.70 255,523,014.14 98,748,736.40 4,852,227.03 349,419,523.51 18,260,015.35 3,864,664.32 18,094.50 22,106,585.17 61,607,504.35 16,328,851.05 2,616,103.34 75,320,252.06 4,036,977.85 1,028,718.47 462,666.84 4,603,029.48 3,917,987.11 2,009,264.98 170,838.12 5,756,413.97 87,822,484.66 23,231,498.82 3,267,702.80 107,786,280.68 167,700,529.48 241,633,242.83 0.00 0.00 0.00 0.00 167,700,529.48 241,633,242.83 1 36.75% 2 64,753,628.25 3 34,525,762.29 39

22,283,220.43 26,624,040.74 14,504,714.99 4 10 1 2003.12.31 2002.12.31 30,020,399.66 0.00 30,020,399.66 26,765,908.60 0.00 26,765,908.60 1,505,179.57 141,451.44 1,363,728.13 1,644,958.64 141,451.44 1,503,507.20 31,525,579.23 141,451.44 31,384,127.79 28,410,867.24 141,451.44 28,269,415.80 2 2002.12.31 2003.12.31 342.91 1,137,967.00 2,443,700.00 3,581,667.00 0.00 0.00 100% 112.67 0.00 1,317,744.00 1,317,744.00 0.00 0.00 100% 2500 21,792,260.90 1,910,749.23 23,703,010.13 0.00 0.00 100% 3,698 0.00 21,579,229.03 0.00 0.00 21,579,229.03 73% / QC 0.00 539,090.00 0.00 0.00 539,090.00 50 0.00 499,550.00 499,550.00 0.00 0.00 100% 996 0.00 7,902,080.63 0.00 0.00 7,902,080.63 90% / 1,226 0.00 12,256,588.26 12,256,588.26 0.00 0.00 100% 3,238 0.00 32,381,451.81 0.00 32,381,451.81 0.00 100% 5,480,639.34 19,419,609.09 23,395,068.86 0.00 1,505,179.57 28,410,867.24 100,249,792.05 64,753,628.25 32,381,451.81 31,525,579.23 1 3 4 2002.12.31 2003.12.31 141,451.44 0.00 0.00 141,451.44 141,451.44 0.00 0.00 141,451.44 40

11 1 2003.12.31 2002.12.31 15,150,558.11 0.00 21,675,657.45 15,527,112.11 0.00 15,527,112.11 14,016.67 0.00 14,016.67 0.00 0.00 0.00 6,511,082.67 0.00 6,511,082.67 0.00 0.00 0.00 21,675,657.45 0.00 21,675,657.45 15,527,112.11 0.00 15,527,112.11 2 2002.12.31 2003.12.31 1 16,112,000.00 14,483,674.61 0.00 342,804.00 0.00 14,140,870.61 1,971,129.39 495 2 1,350,000.00 1,043,437.50 0.00 33,750.00 0.00 1,009,687.50 340,312.50 366 14,500.00 0.00 14,500.00 483.33 0.00 14,016.67 483.33 58 6,621,440.00 0.00 6,621,440.00 110,357.33 0.00 6,511,082.67 110,357.33 59 24,097,940.00 15,527,112.11 6,635,940.00 487,394.66 0.00 21,675,657.45 2,422,282.55 1 1 1996 11 96010 1999 10 1998 4 2045 3 2 2 1993 12 2033 11 3 2003 11 2008 10 4 [2003] A 1045 680 2003 12 2008 11 3 1,611.20 1,414.09 2003 3 11 2005 3 11 4 2003 12 31 41

12 2002.12.31 2003.12.31 4,350,590.92 3,670,548.41 680,042.51 4,350,590.92 0.00 0.00 5,885,959.72 748,395.30 5,137,564.42 1,292,588.18 4,593,371.54 1,292,588.18 1 4,480,168.54 4,405,498.54 0.00 896,040.00 3,509,458.54 970,710.00 47 2 820,000.00 0.00 820,000.00 159,444.39 660,555.61 159,444.39 29 EF 15,619,537.16 0.00 15,619,537.16 1,067,698.06 14,551,839.10 1,067,698.06 XD 16,949,060.40 0.00 16,949,060.40 0.00 16,949,060.40 0.00 1,000,000.00 699,999.92 0.00 50,000.04 649,999.88 350,000.12 156 2,040,000.00 1,596,863.10 0.00 204,000.00 1,392,863.10 647,136.90 96 51,145,316.74 11,121,305.27 39,206,204.49 8,020,361.59 42,307,148.17 8,838,168.57 1 1 2002 12 2007 11 2 2 2003 6 2006 5 3 EF XD 4 1997 1 2016 12 5 2002 1 2011 12 13 1 2003.12.31 2002.12.31 23,300,000.00 3,800,000.00 272,400,000.00 147,400,000.00 295,700,000.00 151,200,000.00 1 169,560,000.00 2 14 2003.12.31 2002.12.31 725,000.00 1,508,750.00 0.00 0.00 725,000.00 1,508,750.00 15 42

1 2003.12.31 2002.12.31 1 80,246,905.91 99.30% 56,034,845.64 96.73% 1-2 340,209.42 0.42% 1,225,990.37 2.12% 2-3 31,638.84 0.04% 465,546.43 0.80% 3 196,857.94 0.24% 201,145.34 0.35% 80,815,612.11 100.00% 57,927,527.78 100.00% 2 2003 12 31 5% 5% 16 1 2003.12.31 2002.12.31 1 15,850,487.62 86.13% 6,445,790.50 75.16% 1-2 1,945,931.06 10.57% 1,761,055.56 20.53% 2-3 396,809.50 2.16% 240,391.43 2.80% 3 209,750.49 1.14% 129,302.91 1.51% 18,402,978.67 100.00% 8,576,540.40 100.00% 2 2003 12 31 5% 5% 17 2003.12.31 2002.12.31 6,854,054.50 42,939.58 17,288,216.96 31,526,181.16. 37,100,711.85 57,850,711.88 1,198,062.71 2,998,062.71 167,743.13 0.00 100,645.88 0.00 100,645.88 0.00 62,810,080.91 92,417,895.33 18 2003.12.31 2002.12.31 7,727,645.09 5,546,812.35 43

21,329.64 37,808.21 3,095.20 3,295.30 41,280,546.24 24,521,640.58 0.00 2,328.37 49,032,616.17 30,111,884.81 1 2002 15,583,093.04 2 19 1 2003.12.31 2002.12.31 1 7,000,156.77 47.84% 7,468,263.76 56.47% 1-2 3,283,029.67 22.44% 2,602,717.04 19.68% 2-3 1,232,427.70 8.42% 1,762,917.59 13.33% 3 3,117,532.81 21.30% 1,391,289.80 10.52% 14,633,146.95 100.00% 13,225,188.19 100.00% 1 2 7,421,057.17 50.71% 1,728,134.88 11.81% 1,200,000.00 8.20% 10,349,192.05 70.72% 3 2003 12 31 5% 5% 2003.12.31 2002.12.31 1,728,134.88 11.81% 1,572,933.58 11.89% 1,728,134.88 11.81% 1,572,933.58 11.89% 20 2003.12.31 2002.12.31 514,749.15 316,987.09 1,246,942.63 1,068,222.10 0.00 220,634.00 44

134,602.00 339,660.00 1,896,293.78 1,945,503.19 21 2003.12.31 2002.12.31 28,000,000.00 0.00 28,000,000.00 0.00 1 2001 12 30 2003 12 29 2003 12 2004 6 29 4.941% 2004 1 22 2003.12.31 2002.12.31 BATTENFELD AUSTRALIA PTY LTD. 2,586,435.64 3,621,272.40 2,586,435.64 3,621,272.40 1 2000 BATTENFELD AUSTRALIA PTY LTD. 630mm 735,280.00 2003 12 31 2,586,435.64 312,496.00 23 2003.12.31 2002.12.31 100,000.00 100,000.00 100,000.00 100,000.00 1 10 2003 12 31 24 + - 2002.12.31 2003.12.31 45

172,000,000.00 0.00 0.00 0.00 0.00 0.00 172,000,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 106,640,000.00 0.00 0.00 0.00 0.00 0.00 106,640,000.00 65,360,000.00 0.00 0.00 0.00 0.00 0.00 65,360,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 172,000,000.00 0.00 0.00 0.00 0.00 0.00 172,000,000.00 0.00 68,000,000.00 0.00 0.00 0.00 68,000,000.00 68,000,000.00 0.00 0.00 0.00 0.00 0.00 68,000,000.00 0.00 0.00 0.00 68,000,000.00 68,000,000.00 172,000,000.00 68,000,000.00 0.00 0.00 0.00 68,000,000.00 240,000,000.00 1 2003 73 2003 7 31 68,000,000.00 1.00 3.48 236,640,000.00 11,487,440.00 225,152,560.00 68,000,000.00 [2003] 1010 25 2002.12.31 2003.12.31 0.00 157,152,560.00 0.00 157,152,560.00 0.00 157,152,560.00 0.00 157,152,560.00 1.24 26 2002.12.31 2003.12.31 8,563,070.15 3,149,710.58 0.00 11,712,780.73 0.00 0.00 0.00 0.00 46

4,336,260.30 1,574,855.29 0.00 5,911,115.59 12,899,330.45 4,724,565.87 0.00 17,623,896.32 27 2003 2002 855,504.00 1,543,110.87 33,548,626.46 23,379,251.55 28,570,360.42 42,030,009.85 0.00 0.00 3,149,710.58 3,860,185.04 1,574,855.29 1,930,092.52 555,594.00 3,273,712.70 0.00 0.00 0.00 0.00 0.00 0.00 33,653,626.46 23,484,251.55 0.00 0.00 24,040,704.55 34,404,130.46 1 2004 2 27 2003 10% 3,149,710.58 5% 1,574,855.29 2 2003 3 5 32 2002 12 31 555,594.00 3 2003 105,000.00 4 28 1 2003 2002 47

145,731,871.61 98,053,293.99 184,941,337.96 180,587,036.81 PE 250,332,437.42 216,625,561.71 5,470,116.30 3,883,104.00 586,475,763.29 499,148,996.51 2 134,123,417.16 22.87% 3 2003 168,014,403.04 28.65% 109,639,794.82 18.70% 63,115,761.08 10.76% 205,902,532.72 35.11% 34,333,155.33 5.85% 5,470,116.30 0.93% 586,475,763.29 100.00% 29 1 2003 2002 102,614,039.76 65,931,511.06 103,165,727.83 95,587,631.76 PE 174,062,460.70 140,994,028.26 3,962,982.37 2,829,597.81 383,805,210.66 305,342,768.89 2 2003 108,783,073.81 28.35% 74,545,088.19 19.42% 24,828,632.51 6.47% 149,994,082.92 39.08% 21,771,229.23 5.67% 3,883,104.00 1.01% 48

383,805,210.66 100.00% 30 2003 2002 7,164,082.48 4,830,328.13 2,333,754.35 6,465,106.92 5,569,808.79 895,298.13 7,164,082.48 4,830,328.13 2,333,754.35 6,465,106.92 5,569,808.79 895,298.13 31 2003 2002 14,535,827.82 11,286,930.87-1,218,281.28-348,024.23 384,170.84-75,233.15 583,834.26 301,191.57 14,285,551.64 11,164,865.06 32 2003 2002 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00-2,922,504.00-2,922,504.00-2,922,504.00-2,922,504.00 33 2003 2002 0.00 80,000.00 649,000.00 0.00 649,000.00 80,000.00 1 2003 34 2003 2002 49

14,695.00 10,380.00 94,294.89 239,855.72 8,443.15 20,454.00 117,433.04 270,689.72 35 2003 2002 14,863.00 21,374.50 311,184.76 89,345.01 0.00 407,679.81 0.00 141,451.44 285,274.62 143,482.53 611,322.38 803,333.29 36 7,453,101.54 2,559,036.42 649,000.00 1,218,281.28 3,026,783.84 7,453,101.54 37 57,600,143.19 : 9,143,945.39 9,025,091.89 7,597,997.75 6,005,990.62 5,895,616.74 4,742,549.51 2,715,241.62 2,219,229.72 1,851,500.00 50

1,777,105.01 569,286.91 6,056,588.03 57,600,143.19 38 5,154,215.51 : 1,034,630.51 4,119,585.00 5,154,215.51 1 2002.12.31 2003.12.31 0.00 20,000,000.00 10,000,000.00 10,000,000.00 0.00 20,000,000.00 10,000,000.00 10,000,000.00 1 2003 1,000 5.31% 2003 7 2 2004 7 2 1,000 5.31% 2 1 2003.12.31 2002.12.31 1 34,210,855.32 82.84% 1,588,023.20 32,622,832.12 30,009,421.13 84.99% 1,304,061.39 28,705,359.74 1-2 5,834,966.40 14.13% 583,496.64 5,251,469.76 4,358,214.68 12.34% 435,821.47 3,922,393.21 2-3 731,138.63 1.77% 109,670.79 621,467.84 425,000.63 1.20% 63,750.09 361,250.54 3 521,690.59 1.26% 260,845.30 260,845.29 517,296.59 1.47% 258,648.30 258,648.29 41,298,650.94 100.00% 2,542,035.93 38,756,615.01 35,309,933.03 100.00% 2,062,281.25 33,247,651.78 2 23,900,981.87 57.87% 51

3 1 2003.12.31 2002.12.31 1 52,372,787.61 99.24% 387,324.85 51,985,462.76 3,411,970.31 96.88% 170,598.52 3,241,371.79 1-2 291,689.16 0.55% 29,168.92 262,520.24 0.00 0.00% 0.00 0.00 2-3 0.00 0.00% 0.00 0.00 0.00 0.00% 0.00 0.00 3 110,000.00 0.21% 55,000.00 55,000.00 110,000.00 3.12% 55,000.00 55,000.00 52,774,476.77 100.00% 471,493.77 52,302,983.00 3,521,970.31 100.00% 225,598.52 3,296,371.79 1 1,398.44% 2 % 29,670,137.28 1 56.22% 14,956,153.29 1 28.34% 5,137,825.69 1 9.74% 1,285,720.00 1 2.44% 51,049,836.26 96.74% 3 2003 12 31 5% 5% % 110,000.00 3 0.21% 110,000.00 0.21% 4 1 2003.12.31 2002.12.31 0.00 0.00 0.00 0.00 0.00 0.00 177,552,313.85 0.00 177,552,313.85 90,662,802.71 0.00 90,662,802.71 8,277,050.02 0.00 8,277,050.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 52

19,483,370.75 0.00 19,483,370.75 22,405,874.75 0.00 22,405,874.75 205,312,734.62 0.00 205,312,734.62 113,068,677.46 0.00 113,068,677.46 2 2003.12.31 % 35,160,063.98 0.00 27,634,550.79 0.00 44,106,538.11 0.00 79,266,602.09 50.00% 7,246,126.79 0.00 6,696,586.33 0.00 12,043,026.45 0.00 19,289,153.24 30.00% 1,685,023.13 0.00 1,792,927.04 0.00 4,849,698.34 0.00 6,534,721.47 25.00% 3,960,000.00 0.00 341,031.59 0.00 191,925.95 0.00 4,151,925.95 66.00% 5,000,000.00 0.00 207,588.28 0.00 593,083.99 0.00 5,593,083.99 52.50% 12,500,000.00 0.00-1,282,996.29 0.00-1,282,996.29 0.00 11,217,003.71 50.00% 8,300,000.00 8,300,000.00 0.00 0.00 0.00 0.00 8,300,000.00 50.00% 9,000,000.00 9,000,000.00 0.00 0.00 0.00 0.00 9,000,000.00 90.00% 23,175,600.00 23,175,600.00-1,391,426.60 0.00-1,391,426.60 0.00 21,784,173.40 70.00% 12,415,650.00 12,415,650.00 0.00 0.00 0.00 0.00 12,415,650.00 50.00% 118,442,463.90 52,891,250.00 33,998,261.14 0.00 59,109,849.95 0.00 177,552,313.85 3 2003.12.31 % 8,277,050.02 8,277,050.02 0.00 0.00 0.00 0.00 8,277,050.02 40.00% 8,277,050.02 8,277,050.02 0.00 0.00 0.00 0.00 8,277,050.02 4 2002.12.31 2003.12.31 31,731,196.63 10 24,327,245.88 3,173,124.00 21,154,121.88-2,592,269.85 10-1,987,410.36-259,224.00-1,728,186.36 86,125.17 10 66,039.23 8,604.00 57,435.23 29,225,051.95 22,405,874.75 2,922,504.00 19,483,370.75 1 2000 5 1 53

2003 2002 129,446,528.97 86,380,542.13 5,470,116.30 3,883,104.00 134,916,645.27 90,263,646.13 2 89,152,330.29 66.06% 6 2003 2002 89,790,258.04 56,519,703.80 3,962,982.37 2,829,597.81 93,753,240.41 59,349,301.61 7 1 2003 2002 0.00 0.00 33,998,261.14 35,785,385.34 0.00 0.00 33,998,261.14 35,785,385.34 0.00 0.00 249,275.00 0.00-2,922,504.00-2,922,504.00 31,325,032.14 32,862,881.34 2 1 1 54

30% 2 2002.12.31 2003.12.31 169,750,000.00 0.00 0.00 169,750,000.00 427 0.00 0.00 427 6,000,000.00 0.00 0.00 6,000,000.00 8,000,000.00 0.00 0.00 8,000,000.00 250 0.00 0.00 250 6,000,000.00 0.00 0.00 6,000,000.00 25,000,000.00 0.00 0.00 25,000,000.00 0.00 16,600,000.00 0.00 16,600,000.00 0.00 10,000,000.00 0.00 10,000,000.00 0.00 400 0.00 400 0.00 300 0.00 300 3 2002.12.31 (%) 2003.12.31 (%) 104,748,000.00 60.90% 104,748,000.00 43.65% 12,970,000.00 50.00% 12,970,000.00 50.00% 3,960,000.00 66.00% 3,960,000.00 66.00% 5,000,000.00 62.50% 5,000,000.00 62.50% 7,200,000.00 50.00% 7,200,000.00 50.00% 55

2,550,000.00 42.50% 2,550,000.00 42.50% 7,500,000.00 50.00% 12,500,000.00 50.00% 0.00 0.00% 8,300,000.00 50.00% 0.00 0.00% 9,000,000.00 90.00% 0.00 0.00% 23,175,600.00 70.00% 0.00 0.00% 12,415,650.00 50.00% 4 2 1 A B C 2 2003 2002 736,432.00 441,276.00 8,436,351.15 6,904,142.87 1 10 / / 15,920 200 / / 1,410.34 1,180,656.00 2003 10 1 2006 9 30 2 3 56

( 1) 2003.05.26-2004.05.26 0.39825% 30,000,000.00 ( 1) 2003.05.09-2004.05.08 0.39825% 30,000,000.00 ( 1) 2003.06.23-2004.06.22 0.39825% 30,000,000.00 ( 2) 2003.12.17-2004.06.16 0.37800% 15,000,000.00 ( 2) 2003.12.17-2004.07.16 0.39825% 5,000,000.00 ( 2) 2003.12.17-2004.08.16 0.39825% 14,560,000.00 ( 2) 2003.12.17-2004.09.16 0.39825% 5,000,000.00 ( 2) 2003.12.17-2004.10.16 0.39825% 10,000,000.00 ( 2) 2003.12.17-2004.11.16 0.39825% 5,000,000.00 ( 2) 2003.12.17-2004.12.16 0.39825% 10,000,000.00 ( 3) 2003.12.24-2004.12.24 0.44250% 15,000,000.00 169,560,000.00 4 2001.12.30-2004.06.29 0.495% 28,000,000.00 28,000,000.00 1 2003 5 9 0509 1 9,000 2 2003 12 16 2003 160 12,000 2003 12 16 2005 12 31 6,456 3 DL0703010021 1,500 2003.12.24 2004.12.24 4 2004 1 2,800 5 2003 8 2003 08011 5,000 4 2003.12.31 2002.12.31 57

170,000.00 1.56% 170,000.00 2.91% 5,137,825.69 47.16% 0.00 0.00% 5,307,825.69 48.72% 170,000.00 2.91% 1,728,134.88 11.81% 1,572,933.58 11.89% 1,728,134.88 11.81% 1,572,933.58 11.89% 1 55,340,000.00 27,500,000.00 2 3 4 1395 4,068,239.72 2003.11.28-2004.11.27 0.48675% 3,000,000.00 1 31,889,763.40 2003.9.22-2004.9.22 0.39825% 20,000,000.00 1 14,140,870.61 829,932.30 2003.8.24-2004.8.25 0.57250% 300,000.00 50,928,806.03 23,300,000.00 1 2003 3 11 2005 3 11 5 58

2004 2 28 2003 2003 10% 5% % % / / 202,577,448.63 46.16% 65.64% 0.84 1.04 96,321,601.25 21.95% 31.21% 0.40 0.49 28,570,360.42 6.51% 9.26% 0.12 0.15 28,414,099.14 6.48% 9.21% 0.12 0.15 91,741.37 465,215.71 454,300.00 75,435.62 59

2003 2002 1. 0.00 0.00 2. 0.00 0.00 3. 0.00-413,907.80 4. 0.00 0.00 5. 6. 0.00 0.00 0.00 0.00 0.00-413,907.80 0.98% 2004 02 28 2004 02 28 2004 02 28 60

2003 2004 2 28 61